AIG, Allstate, others on ResCap creditor committee

(Reuters) - Nine creditors of Residential Capital LLC, including the insurers American International Group Inc and Allstate Corp, were selected to join the unsecured creditors committee for the mortgage lender's bankruptcy.

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(Reuters) - Nine creditors of Residential Capital LLC, including the insurers American International Group Inc and Allstate Corp, were selected to join the unsecured creditors committee for the mortgage lender's bankruptcy. The members were identified in a Wednesday night filing with the U.S. bankruptcy court in Manhattan, two days after ResCap, a unit of Ally Financial Inc, filed for Chapter 11 protection. ...

Nine creditors of Residential Capital LLC, including the insurers American International Group Inc and Allstate Corp, were selected to join the unsecured creditors committee for the mortgage lender's bankruptcy. ...

By Jonathan Stempel (Reuters) - Residential Capital LLC, the mortgage lending unit of U.S. government-owned Ally Financial Inc , has filed a bankruptcy reorganization plan that calls for unsecured creditors to recover 36.3 cents on the dollar. ResCap described the payout in a disclosure statement filed on Thursday with the U.S. Bankruptcy Court in Manhattan. The 399-page filing is designed to help creditors vote on the plan. It said ResCap and its creditors' committee consider the plan "the best means to fairly and efficiently resolve" the Chapter 11 case. ...

Residential Capital LLC, a bankrupt mortgage lender, won a court ruling on Friday that it does not owe approximately $340 million in interest claimed by junior secured noteholders. The ruling sets the stage for hearings next week on ResCap's plan to exit bankruptcy. U.S. Bankruptcy Judge Martin Glenn also criticized the legal tactics of the noteholders, who are virtually alone in opposing that plan. Glenn ruled that the holders of the junior secured notes are undersecured, which prevents them from collecting interest that accumulated since ResCap filed for bankruptcy in May 2012.

By Tom Hals (Reuters) - A U.S. Bankruptcy Court approved a $596.5 million agreement on Friday between Financial Guaranty Insurance Co and bankrupt Residential Capital LLC, which settles billions of dollars of claims stemming from mortgage-backed securities. The agreement is another step toward ending the former mortgage lender's complex bankruptcy, but it was opposed by holders of junior secured notes issued by ResCap. Opponents argued that Judge Martin Glenn of Manhattan's bankruptcy court should reject the deal because ResCap allegedly overestimated what it might owe FGIC, a bond insurer.

By Nick Brown NEW YORK (Reuters) - Bankrupt mortgage lender Residential Capital LLC made no effort to put a value on the legal claims that are now an obstacle to its plan to repay creditors, the company's restructuring chief said on Wednesday. ResCap is in the midst of a six-day hearing before Judge Martin Glenn, seeking approval for the plan that would allow it to end its Chapter 11 bankruptcy proceeding and begin paying back creditors, including the owners of residential mortgage-backed securities that collapsed in the 2008 mortgage crisis.

(Reuters) - Residential Capital LLC Chief Executive Thomas Marano has resigned as the mortgage subsidiary of auto lender Ally Financial Inc works its way out of bankruptcy. Marano, who joined ResCap in 2008, will remain as a member of the board. Marano spent more than 25 years at now-defunct investment bank Bear Stearns & Co, where he was the global head of mortgage and asset-backed securities. Marano was managing director at Cerberus Capital Management before moving to ResCap. ...